Jio PAT beats Street estimates, up 65% y-o-y on robust user addition

RIL reiterated plans to hive off the fibre and tower businesses into separate companies to manage spend on these capex heavy business segments

Reliance Jio Infocomm (RJio), the telecom arm of Mukesh Ambani-controlled Reliance Industries Ltd (RIL), beat Street estimates by reporting a profit of Rs 831 crore for the December quarter (Q3), up 22 per cent sequentially and 65 per cent year-on-year (YoY), riding on a sustained pace of subscriber additions. Revenue from operations at Rs 10,383 crore was in line with expectations. Net addition during the quarter of 27.9 million was slightly lower than the previous four-quarter average of 28.4 million. “This quarter we also had to change from eKYC to digital KYC and again we had to train the retailers.